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How to Run a Small Business: 5 Key Tips

Published

2 years ago

June 4, 2022

Sebastian

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Small Business

It’s not easy to start a successful business. In fact, 20% of small businesses fail within the first two years. What can you do to not only survive but thrive?

The first thing is to accept that more than once, failure may seem imminent. If you want to learn how to run a small business, you have to appreciate that it’s going to take hard work.

Perseverance alone, however, won’t keep you afloat. If you want to become a small business success story, you’re going to have to know a few more things.

Read on for our top five tips to run a successful small business.

1. Reference Your Business Plan Often

Remember that business plan you put together to secure investors? Yeah, that business plan is also meant to serve as a road map to ensure that you’re on track. Make sure that you reference your business plan at least once a quarter to see if you are progressing at the projected rate and course-correct if you aren’t.

2. Keep Everything Legal

You’re going to have to wade through a lot of red tape if you want to open and expand a small business. Don’t forgo the legal requirements to keep your business alive. Yes, it’s a hassle, but it’s not nearly as bad as dealing with preventable legal battles.

3. Commit to Training Your Staff

For years, we saw a push for hiring only the most qualified candidates out there. The problem with this is that a lot of businesses are expecting the best and the brightest to accept entry-level pay, leading to high turnover and vacancy rates. Stop expecting everyone to come in with all of the skills they need for the job and commit to training, instead.

4. Outsource When Necessary

Do you have something on your docket that is outside of your wheelhouse or that you don’t have time for? Hire a pro. Remote and freelance workers are abundant these days, and you can build a strong outsourced team with ease, rather than trying and failing to do everything yourself.

5. Keep One Foot in Product Development and One in Marketing

Your products need to be good but your consumers need to know about them. When it comes to product development and marketing, you can’t expect one to succeed without the other. Make sure that your products and your ad campaigns are both getting the time and effort that they require.

Learn How to Run a Small Business and Become a Success Story

So many small businesses fail because entrepreneurs have eyes on one thing, whether that’s securing the investors, securing the top talent, or creating the best new product on the market. The truth is that you’re going to have to juggle a lot, and this guide will help you to keep things in perspective and stay on track.

Want to learn more about how to run a small business? This guide was the tip of the iceberg. Take a look around as we offer in-depth breakdowns of everything from a strong marketing plan to an efficient business model.